omesti

 
 

SERC maintains 4.5%-4.7% GDP growth forecast amid downside risk from trade war

KUALA LUMPUR: Socio-Economic Research Centre (SERC) is maintaining Malaysia’s gross domestic product (GDP) growth forecast of 4.5%-4.7% for this year, despite downside risk from the protracted US-China trade war.

“Continued expansion in domestic demand and moderate exports growth would continue to support overall economy,“ said its executive director Lee Heng Guie during SERC’s quarterly economy tracker report briefing here today.

On the country’s export performance, the think tank remains cautious on the outlook as the US-China trade war is expected to escalate to the next level with tariffs of US$300 billion (RM1.25 trillion) expected to be slapped on Chinese goods following the conclusion of US Trade Representative public comment period and hearing on July 2.

While exports figures for May and June are expected to improve partly aided by relatively low exports levels a year ago, Lee foresees the performance of major exports, namely electrical and electronics products, chemicals and chemical products, metal products and palm oil to remain moderate.

“We see downside risk to our current exports growth estimate of 3.3% for this year, compared with 6.8% in 2018. The first four-month exports have declined marginally by 0.2%,” he added.


Azmin: Malaysia actively pursuing energy market reforms to attract investment

KUALA LUMPUR, June 24 — Malaysia is actively pursuing energy market reforms to enhance the country’s attractiveness as the preferred destination for energy investments, said Economic Affairs Minister Datuk Seri Mohamed Azmin…


Trump says did not threaten to demote Fed’s Powell in NBC interview

WASHINGTON, June 23 — US President Donald Trump said today on NBC’s ‘Meet the Press’ news program that he has the power to demote Federal Reserve Chairman Jerome Powell but has not threatened to do so. “I didn’t ever threaten to demote…


Perak records RM1.43b investments for Jan-March 2019

TELUK INTAN, June 22 — Perak recorded investments of RM1.43 billion for the January to March period this year compared with RM249.8 million in the same period last year. Mentri Besar Datuk Seri Ahmad Faizal Azumu said according to statistics from…


What is the RCEP trade deal and could it be signed this year?

BANGKOK, June 22 ­— Led by China — and excluding the United States — the sprawling Regional Comprehensive Economic Partnership (RECP) is poised to become the biggest global trade deal, linking half the world’s people and marking Beijing’s…


Moody’s lowers Petronas’ ratings after revising its methodology

KUALA LUMPUR, June 21 — Moody’s Investors Service has downgraded Petroliam Nasional Bhd’s (Petronas) domestic issuer and foreign currency senior unsecured ratings to A2 from A1 as well as changed the outlook to “stable” from…


Moody’s lowers Petronas’ ratings after revising its methodology

KUALA LUMPUR, June 21 — Moody’s Investors Service has downgraded Petroliam Nasional Bhd’s (Petronas) domestic issuer and foreign currency senior unsecured ratings to A2 from A1 as well as changed the outlook to “stable” from…


China lifts yuan mid-point to strongest level in 5-1/2 weeks

SHANGHAI, June 21 — China’s central bank today lifted its official yuan midpoint to 6.8472 per dollar, the strongest in 5-1/2 weeks, reflecting gains in the spot rate in the previous session. Today’s midpoint was 333 pips, or 0.49 per cent,…


Asian stocks fail to catch Wall St’s Fed cheer as trade angst dominates

TOKYO, June 21 — Asian stocks struggled today to track Wall Street’s exuberance about a possible US rate cut next month as anxiety over Sino-US trade negotiations clouded the investor mood in the region. Also tempering appetite in Asia were…


S&P 500 set to open at record high on dovish Fed

NEW YORK, June 20 — The S&P 500 index was set to open at a record high today, after the Federal Reserve reassured investors that it was ready to cut interest rates as soon as next month to counter growing risks to global and domestic growth….